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Risk Management & Insurance Chapter 3 quiz 2025

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Risk Management & Insurance Chapter 3 quiz 2025 Steps in Risk Management 1. Identify Loss exposure 2.Analyze Loss exposure 3.Select technique for treating loss exposure 4.Implement and monitor program Identify Loss Exposure 1.Questionnaires 2. Physical Inspection 3.FlowCharts 4. Financial Statements 5.Historical Loss Data 6. Contract Analysis Loss Frequency refers to the probable number of losses that may occur during some given time period

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Risk Management & Insurance

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Risk Management & Insurance

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Institution: Risk Management & Insurance
Course: Risk Management & Insurance

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Uploaded on: January 16, 2025
Number of pages: 8
Written in: 2024/2025
Type: Exam (elaborations)
Contains: Questions & answers

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risk management insurance chapter 3 quiz 2025
steps in risk management 1 identify loss exposure
identify loss exposure 1questionnaires 2 physica
loss frequency refers to the probable number of lo

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Risk Management & Insurance Chapter 3
quiz 2025

StepsqinqRiskqManagementq-qANSWERq1.qIdentifyqLossqexposure

2.AnalyzeqLossqexposure

3.Selectqtechniqueqforqtreatingqlossqexposure

4.Implementqandqmonitorqprogram

IdentifyqLossqExposureq-qANSWERq1.Questionnaires

2.qPhysicalqInspection

3.FlowCharts

4.qFinancialqStatements

5.HistoricalqLossqData

6.qContractqAnalysis

LossqFrequencyq-
qANSWERqrefersqtoqtheqprobableqnumberqofqlossesqthatqmayqoccurqduringqsomeqgivenqtimeqperiod

LossqSeverityq-qANSWERqrefersqtoqtheqprobableqsizeqofqtheqlossesqthatqmayqoccur

Riskqcontrolq-
qANSWERqrefersqtoqtechniquesqthatqreduceqtheqfrequencyqandqseverityqofqlossesq(AKAqLossqControl)

MethodsqofqRiskqControlq-qANSWERq1.qAvoidance

2.qLossqPrevention

, 3.qLossqReduction

Avoidanceq-
qANSWERqmeansqaqcertainqlossqexposureqisqneverqacquired,qorqanqexistingqlossqexposureqisqabandon
ed

LossqPreventionq-qANSWERqrefersqtoqmeasuresqthatqreduceqtheqfrequencyqofqaqparticularqloss

i.e.qsafetyqfeaturesqonqhazardousqproducts

Lossqreductionq-qANSWERqrefersqtoqmeasuresqthatqreduceqtheqseverityqofqaqlossqafterqisqoccurs

i.e.qsprinklerqsystem

Riskqfinancingq-qANSWERqrefersqtoqtechniquesqthatqprovideqforqtheqfundingqofqlosses

Methodsqofqriskqfinancingq-qANSWERqRetention

Non-insuranceqTransfers

CommercialqInsurance

Retentionq-
qANSWERqmeansqthatqtheqfirmqretainsqpartqorqallqofqtheqlossesqthatqcanqresultqfromqaqgivenqloss

captiveqinsurerq-
qANSWERqisqanqinsurerqownedqbyqaqparentqfirmqforqtheqpurposeqofqinsuringqtheqparentqfirm'sqlossqe
xposures

single-parentqcaptiveq-qANSWERqisqownedqbyqonlyqoneqparent

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